When Someone Else Tells You Our Market Is Hot…Will You Listen?
We’ve been trying to tell you for quite some time the market it smokin’ hot. We’ve been trying to tell you it’s a great time to sell that San Francisco property of yours, if you’ve been sitting on the fence. And we’ve been telling you, as fantastic it is that interest rates remain so incredibly low, how could you not want to borrow some of that free money, and compete with 20 other buyers to grow your roots in San Francisco terra firma (or not so firma). But somehow, sometimes, it just doesn’t seem to sink in unless you hear it from someone else.
So…the someone elses, and their notable quotes:
–Curbed SF: For Buyers, Hard Lessons in San Francisco Real Estate Math
Seems only 1.52% of all properties in the city are for sale in SF, and the number is only declining. SF also enjoys one of the lowest percentages of bank-owner properties in the country.
San Francisco is on the cusp of another (strong) leg up in residential prices. Jones Lang LaSalle, a major commercial real estate company, held an event on January 30th at which they forecast a strong upbeat outlook for the city. The residential segment is directly related. A few items caught my attention: Boston Properties is so bullish on the future of San Francisco that it is investing more than twice as much capital in the city’s office market as it is in the rest of the country combined. (Editor’s note: WOW!) San Francisco is among the top seven cities worldwide benefiting from the three forces of urbanization, globalization, and modernization. San Francisco has more than three times the tech start-ups as London and four times the number in New York City…
For each new software designer hired by Twitter in San Francisco, there are five new job openings for baristas, personal trainers, doctors, and taxi drivers in the community.
What is clear from evidence suggested by surveys and research studies, however, is that current conditions for the housing market and for real estate financing are healthier than the environment that we observed in the mid of 2000’s before the housing market started deteriorating.
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back to December 2000 levels, down 53% from an August 2006 peak; the middle third is back to March 2003 levels, down 34% from a May 2006 peak; and the top third remains at May 2004 levels, 20% below an August 2007 peak.
…and so it goes. There are, of course, other sources out there that will continue to tell you not to buy and wait til this new little boom goes bust, and there are others that will advise you not to sell, because Realtors are all snakes, just out to get your money. Therefore, we give you the data, we invite you to check out the bigger picture that is San Francisco and its surrounding areas, and we ask you, and hundreds of thousands of other people the same question, and most of them have the same answer, “Is there really anywhere else in America you’d rather live?”